Oscar Health was written off for a long time. Too niche. Too tech-forward for a business that lives and dies on medical cost ratios.

Q1 2026 changed the conversation.

$4.65B in revenue. $679M in net income. Improved medical loss ratio. Free cash flow of $2.6 billion in a single quarter.

This is not a concept stock anymore. It is a business that has more than tripled revenue in three years and is now generating real profit at scale.

Oscar was briefly a market darling in mid-2024 and into 2025, before a brutal second half erased those gains. It’s time to revisit the thesis.

Full trade plan is live.